Medical Properties Trust Announces Pricing of £400,000,000 2.550% Senior Notes Due 2023 and £600,000,000 3.692% Senior Notes Due 2028
Medical Properties Trust, Inc. (the “Company”) (NYSE: MPW) announced today the pricing of its previously announced public offering of sterling-denominated notes, to be issued by its operating partnership, MPT Operating Partnership, L.P. (the “Operating Partnership”), and MPT Finance Corporation, a wholly-owned subsidiary of the Operating Partnership (“MPT Finance” and, together with the Operating Partnership, the “Issuers”). The notes will be issued in two tranches, the first of which will mature on December 5, 2023 (“the 2023 Notes”) and the second of which will mature on June 5, 2028 (the “2028 Notes” and, together with the 2023 Notes, the “Notes”). The 2023 Notes priced with a coupon of 2.550% and the 2028 Notes priced with a coupon of 3.692%. Interest on the 2023 Notes will be payable annually in arrears commencing on December 5, 2020. Interest on the 2028 Notes will be payable annually in arrears commencing on June 5, 2020. The Notes will be senior unsecured obligations of the Issuers, guaranteed by the Company.
The Issuers estimate that the net proceeds from the offering will be approximately £993.0 million ($1.22 billion). The Issuers intend to use approximately £367.0 million ($0.5 billion) of the net proceeds from the offering to repay amounts outstanding under the revolving credit facility of the Operating Partnership, and the remaining net proceeds for general corporate purposes, which may include working capital, capital expenditures and potential future acquisitions.
Goldman Sachs & Co. LLC, Barclays, BofA Securities, BBVA, Crédit Agricole CIB, Credit Suisse, J.P. Morgan, MUFG, RBC Capital Markets and Wells Fargo Securities will act as joint book running managers for the offering. KeyBanc Capital Markets, Scotiabank, Stifel and SunTrust Robinson Humphrey will act as co-managers for the offering.
The offering is expected to close on December 5, 2019, subject to customary closing conditions. The Notes will be issued under an effective shelf registration statement of the Company, the Operating Partnership and MPT Finance, previously filed with the Securities and Exchange Commission (“SEC”). The offering is being made only by means of a prospectus supplement, accompanying prospectus and a free writing prospectus. When available, copies of the final prospectus supplement and the prospectus relating to the offering may be obtained by contacting: Goldman Sachs & Co. LLC at 200 West Street, New York, NY 10282, telephone: (866) 471-2526, facsimile: (212) 902-9316 or by emailing Prospectusfirstname.lastname@example.org; Barclays Capital Inc. at c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (888) 603-5847 or by emailing email@example.com; BofA Securities, Inc. at NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, firstname.lastname@example.org; or by visiting the SEC’s EDGAR public database at www.sec.gov.